The total number of global billionaires fell by 3.5%, as there were significant declines in equity and other markets in 2022.
In the early years of the pandemic, when most people turned to online products and shopping, working from home, and going about their daily lives in a previously nightmarish way, more and more billionaires and entrepreneurs saw their fortunes swell. A prime example was the founder and CEO of Amazon, the world’s largest e-commerce company, who increased the profits of his behemoth and his personal portfolio more than anyone else. However, the return to normalcy has brought changes and profit declines for the billionaire caste, according to a new report by global data intelligence firm Altrata. In fact, both their number and their total wealth declined.
Reduction of total wealth
The Altrata study notes that in 2022 there were 3,194 billionaires in the world, down 3.5% from 2021. The same source finds that the total wealth of billionaires was also down in 2022, by 5.5%, reaching $11.1 trillion, down from $13.1 trillion in 2021.
A major loser in 2022 may be Jeff Bezos, whose net worth fell by $57 billion due to the 38% drop in Amazon’s stock price on March 10. Elon Musk also saw a small but significant decline, losing $39 billion, which knocked him off the top spot of the world’s richest people, according to the Forbes list.
The same report explains that the decline in wealth is due to a downturn in the capital markets, which has led to rising interest rates, inflation, and increased investor caution, from which even the billionaire classes have not escaped. Similarly, Forbes magazine explains that for the second year in a row, these amounts are falling, with political and social turmoil affecting both public and private markets.
Which countries in the world have the most rich people?
Despite these declines, the US, and specifically New York, continues to be the city with the most billionaires in 2022 – 136 – according to Altrata’s findings. Hong Kong comes second, with 122 billionaires, followed by San Francisco, with 84.
The United States had the most billionaires in 2022, with 955 people. China followed with 357 people, while Germany came in third place with 173 billionaires. Asia, however, saw the biggest drop in billionaires, which fell by 7.1% to 835 people. Latin America and the Caribbean took the next biggest hit, down 3.4%, leaving only 141 billionaires, while North America took third place in terms of decline, with the number of billionaires falling 2.3% to 1,011.
According to the Forbes list, Greece is represented in the list of billionaires by Maria Angelikousis, Marianna Latsis, Telis Mystakidis, Philip Niarchos, Vardis Vardinoyannis and Stelios Hadjiyannou.